In recent years, the interbank innovation of commercial banks has been upgrading and expanding rapidly. It satisfies the financing demand of real economy to some extent, but leading to the fund escaping from the real economy to the fictitious economy. Based on the characteristics and risks of interbank business development, this paper uses TVPVAR model to study how the interbank innovation makes the fund flowing from the real economy to the fictitious economy, whether quantity or price is more sensitive, and how to drive funds from the fictitious economy to the real economy. The results show as follows: At the present stage, the interbank innovation has circumvented financial regulation, enlarged financial risks and weakened monetary policy effect, resulting in funds distracting from the real economy to the fictitious economy. Meanwhile, since the interbank innovation has enhanced the interest rate sensitivity and transmission mechanism, pricebased monetary policy is more effective on the fictitious economy, and quantitative monetary policy is more effective on the real economy. Therefore, with the financial deleveraging policy, government should strengthen the coordination of financial supervision, extend the dual pillar regulatory framework of monetary policy and macroprudential policy, and encourage financial innovation to support the real economy, so as to promote funds flowing from the fictitious economy to the real economy.